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Rex to merge with Sunshine
Regional Express and Sunshine Express have confirmed they have entered an in-principle agreement to merge their operations.
Managing Director of Queensland based Sunshine Express, Steve Padgett, said the discussions stemmed from his company’s need for greater support.
“We identified last year that as a small regional airline we have limited economies of scale and a high cost of operation and regulatory compliance. We also needed significant investment in new aircraft and resources to better serve the growing regional Queensland market and to be a viable activity in the long term,” he said.
Rex said it had been initially reluctant to acquire Sunshine Express because of its ‘own significant expansion plans.’
“Nevertheless, we felt that such a reaction was selfish and not consistent with our mission of connecting regional Australia. Taking the easy way out could mean the potential loss of vital air services to seven regional centres from Brisbane and 40 jobs at Sunshine Express,” Rex Managing Director Geoff Breust said.
The proposed merger would see all the shares in Sunshine Express transferred to Rex for a nominal consideration and in return Rex will provide for the continuation of air services between Brisbane and the regional centres of Maryborough, Hervey Bay, Biloela, Port Macquarie, Coffs Harbour, Armidale and Tamworth.
Graham Muldoon
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